Let’s start with the bald facts. Ireland is broke. That’s not new news. John Stepek wrote about the parlous state of the country’s finances exactly a year ago: Ireland’s banking woes could spark another eurozone crisis. But here’s the quick version of how it happened. Ireland used to enjoy steady economic growth. But things got…
Consumer confidence took a sharp downturn during April, new figures have indicated. In its latest survey, market research group GfK NOP found that all five of the measures of consumer confidence it usually tracks slipped back in the month. The index slumped by a further three points, sinking to -31, compared with the -16 recorded…
The bank’s parent, the Dublin-based AIB group, is cutting 2,000 posts by the end of next year. AIB executive chairman David Hodgkinson warned the job losses would “spread widely across the group”. The First Trust has 48 high street branches in Northern Ireland, employing 1,300 staff, but the AIB has said branch closures will be…
Consumer confidence in Northern Ireland has experienced its sharpest decline since 2008, according to Northern Bank. The latest findings are contained in the bank’s Consumer Confidence survey. The survey looks at the financial position of local households and their expectations for the year ahead. Its chief economist, Angela McGowan, said: “Consumers are fretting about reduced…
Such banks are “caught in a maelstrom of interlinked pressures” the IMF said. The low levels of capital make some German banks, as well as weak Italian, Portuguese and Spanish savings banks, “vulnerable to further shocks”. But it said global financial stability had improved in the past half year. The findings came in the IMF’s…
